Ann: Transfield Services preferred tenderer for DIBP contract, page-26

TSE makes money in other parts of its business than Government. Yes it makes a high proportion of its income from Government but I can't see how this is a negative, especially when there appears to be growing negativity about non-Government sectors generally.

If someone finds a business that makes a similar amount from a broad cross-section of industries on the back of long term contracts with high margins, please let me know which one it is.

I see very low risk in TSE not converting the contract with government. The usual major tender process is in play, first preferred then move to contract finalization.

The FY16 numbers are starting to look very good and I definitely agree that TSE is a possible takeover target, especially by a big international that won't be impacted by the actions of Australian super funds.